The cyber security insurance market is expected to reach USD 17.55 billion in 2023 from USD 4.52 billion in 2017, registering a CAGR of 25.4%, during the forecast period, 2018-2023.

In 2017, ransom-ware attacks such as NotPetya and WannaCry shook the entire world. The cyber data breaches are immensely impacting the consumers' confidence, for instance, most of the cloud-based companies saw close to 46% dip in profit after a major data breach incident took place. Moreover, the global average cost of a data breach in 2017 was USD 3.6 million.

Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in this region are prone to cyber-attacks owing to poor protection against cyber-attacks. Though cyber security insurance market is at nascent stage in this region but it is growing rapidly. In India, the demand for cyber security insurance rose by more than 50% in 2017 as compared to that with 2016. Around 250 companies, including banks, bought cyber security insurance in 2017. As of now, the cyber security insurance premium is INR 200 crore, which is expected to increase to INR 400 crore in years to come.